The Great Slump

The Great Slump was a severe worldwide economic downturn that occurred in the early 1930s, largely triggered by the stock market crash of 1929. It led to massive unemployment, falling industrial output, and widespread poverty. Businesses struggled or closed, banks failed, and consumer spending dropped sharply. The slump deeply affected many countries, causing social and political instability. It was a key part of the broader Great Depression, highlighting vulnerabilities in the global economy, and prompted major policy changes to prevent future collapses.